North Knoxville property sold for $7.8 million

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A North Knoxville commercial portfolio has been acquired by a Florida investor.

The Harvest Towne Center, at 4840 Harvest Mill Way, was acquired by Coral Springs-based JBL Asset Management. According to a deed filed with Knox County, the deal was valued at $7.8 million.

Harvest Towne is located along Broadway, and the deal includes multiple properties, including freestanding buildings that are home to Ruby Tuesday and Krispy Kreme.

Vacant retail and commercial space at the site has been listed by Brande Benson, of Baker Storey McDonald.

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Steakhouses, food trucks and Knoxville’s evolving restaurant scene

Peerless

How are restaurant trends affecting Knoxville’s commercial property market? In this Q-and-A, NAI retail specialist Brian Tapp gives a low-down on the intersection of food and square feet.

Q: To what extent is restaurant activity driving retail real estate currently?

Tapp: I would say the majority of calls I get are restaurant-related, 60 percent or so.

Q: What do you make of Peerless and its decision to move away from the steakhouse concept?

Tapp: It’s an evolution. People are just interested in something different than your normal steak and potatoes. They’re exposed to more food and food culture through media outlets like Food Network and with access to better information and recommendations through tools like Yelp and Open Table, I think people are willing to branch out beyond the old standards.

It used to be that when you’d go on a business trip, you’d say ‘Let’s go find a Ruth’s Chris,’ a steakhouse and that’ll please everybody and you can put it on an expense account. I think now people can get on Yelp and find recommendations and be more adventurous. And that hurts places like steakhouses and your bar-and-grill places like Applebee’s and Outback.

Q: Who does that help?

Tapp: It helps the local guys big time.

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Cedar Bluff retail center sold

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A new retail property in West Knoxville has been sold.

According to a deed on file with the county, the property at 9159 Kingston Pike was sold in a deal valued at $3.85 million. The buyers, according to the deed, were Volunteer Studios Plus Partners and VS LLC, with a 34% stake; Ft. Sanders Partners, with a 40% stake; and Hembree Partners, with a 26% stake.

The center’s tenants include Tom+Chee and Larosa’s Pizza.

BNA buys on North Central, plans retail site

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The development firm behind the renovated Oliver Hotel has purchased a building on Central Street, with a retail redevelopment in mind.

An entity with ties to Nashville-based BNA Associates paid $125,000 for the building at 2300 N. Central Street. Philip Welker, of BNA, said the idea is to create 1,000- to 1,200-square foot spaces that could be home to retailers or restaurants.

Welker said one possibility is to offer storefronts to food truck entrepreneurs who are “ready to graduate” into a slightly larger space.

2300Central

The Central Street corridor has seen plenty of activity in recent months. BNA’s new building is several blocks north of the Mid-Mod Collective, a boutique retailer which opened last year at 1617 N. Central, and just south of the new Fanatic Brewing Company.

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Gus’s Fried Chicken plans Knoxville location

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Memphis-based Gus’s World Famous Fried Chicken said Wednesday it is planning to open a Knoxville location this year.

The chain announced its plans on Facebook, but did not give an address for the Knoxville site.

Other cities where Gus’s said it plans to expand are Atlanta, St. Louis, Los Angeles, Fort Worth, Kansas City, Chicago and Philadelphia.

Flickr photo/Sean Davis. Used under a Creative Commons license.